Step, an all-in-one financial solution, has secured up to $300m in debt funding led by Triplepoint Capital and Evolve Bank & Trust.
Founded in 2018, California-based Step is a FinTech focused on building the best banking experience to help teens and young adults achieve financial independence and knowledge at an earlier age.
To date, the company Shas raised over $500M in equity and debt financing from investors ranging from Will Smith, Justin Timberlake, The Chainsmokers, Alex Rodriguez, Stripe and more.
Step is the first platform to allow people under the age of 18 to build a positive credit history with their own secure Step Visa Card. This, the firm claims, opens doors to better terms and more comprehensive financial products earlier in adulthood.
With the new funding, Step plans to accelerate investments in product infrastructure and continue to bring financial products to the next generation.
Alongside the investment, the company has also launched crypto investing. Through this new service, teens will be able to participate in the in the crypto investment market by buying and selling bitcoin – with the consent of their parent or legal guardian.
The firm has also introduced Money 101 – a six-lesson financial literacy program designed to help students and parents nationwide learn the foundations of modern banking.
Step CEO and founder CJ MacDonald said, “”The next generation is hungry for modern financial products that streamline their day to day. We are excited about the progress we have made over the past year and the new products that are launching today.
“In less than two years, we’ve been able to help more than 3 million customers establish a strong financial foundation and begin to think about their long-term goals. We’re thrilled to be able to offer teens and young adults the ability to build credit, budget, spend, save, earn and now invest in their financial futures directly within the Step App.”
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